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- Binance announced the launch of its new Web3 wallet during the Binance Blockchain Week in Istanbul in its latest push into the world of DeFi.
- The new wallet is integrated into the Binance app and offers access to Bitcoin, Litecoin, XRP, Chainlink and dozens of other leading blockchain networks.
Binance has launched a Web3 wallet that will give its 150 million users access to the top 36 blockchain networks, including Bitcoin, Litecoin, XRP, Chainlink, Ethereum and more.
Meet the brand new #Binance Web3 Wallet!
Simple, convenient and secure.
Discover more 👇
— Binance (@binance) November 8, 2023
The new self-custody wallet will offer its users “unparalleled simplicity, convenience, and security,” the exchange says. It hinges on three key benefits—simplicity, convenience and security.
Binance users can set up the new wallet in seconds; being non-custodial, it eliminates the need to write down your 12-word seed phrase. Being linked to your exchange account, you can seamlessly and conveniently transfer funds between the two platforms. Through the wallet, users can dive into DeFi, NFTs, yield farming, staking and more.
Binance leverages “cutting-edge multi-party computation (MPC)” to ensure users’ funds are safe. It employs three key shares stored in different places rather than a single seed phrase. This eliminates a single point of failure and comforts users that their funds are safe.
Other benefits include the wallet’s integration with the Binance Bridge, which lets users swap at optimal rates and transfer assets between different blockchain networks. Users can also earn directly through the wallet by staking, lending or other avenues.
Binance has also directly integrated some of the most popular and innovative decentralized applications (dApps) into the wallet. This ensures that the users don’t have to install dozens of apps and reduces the chances of scams.
While announcing the new wallet, CEO Changpeng Zhao stated:
Binance’s Web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets, and it is an important, convenient bridge towards DeFi empowerment. Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.
The wallet launch comes at a time when the exchange’s dominance has come under threat. A recent report revealed that the exchange’s dominance dipped 40% in 2023. The report blamed the exchange’s listing strategy as token holders dumped coins after they listed on the platform.
Binance Wallet Links to Bitcoin, XRP, Chainlink and More
The focus of the new wallet is Web3. “And so the Web3 Wallet is more than just a place to keep crypto — it’s your way into the world of Web3,” the exchange says in its announcement.
Web3 is the future, and major crypto and tech companies are positioning themselves as leaders in the technology. Binance Regional Markets Head Richard Teng says the main objective of the new wallet is “elevating the current user journey of experiencing Web3.”
He added:
We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet.
